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| Profit for the Year Increased 33% to 92.47 Million |
HONG KONG, Mar 25, 2013 - (ACN Newswire) - Binhai Investment Company Limited ("Binhai Investment" or the "Group", stock code: 8035.HK) is principally engaged in the construction of gas pipeline networks, provision of connection services, sale of liquefied petroleum gas ("LPG") and piped gas. Binhai Investment is pleased to announce the consolidated results of the Group for the nine months ended 31December 2012.
Financial Highlights
-- Total revenue was about HK$1.206 billion
-- Total asset was increased to approximately HK$3.22 billion, representing an increase of 26% compared to the beginning of the reporting period
-- The gross profit was HK$232 million during the reviewing period, representing an increase of 49% from the same period in previous year
-- Profit for the year was HK$92.47million, indicating a growth of 33% from the same period in previous year
-- The total gas pipeline network was approximately 1,489km, representing an increase of 337km compared to the beginning of the reporting period
-- The connection service revenue increased 38%
The results report covers a period of nine months from 1 April 2012 to 31 December 2012 ("The reporting period") due to change of the financial year end date from 31 March to 31 December.
Rapid Business Growth for the fourth consecutive year
The Group has continuously dedicated to the sustainable and continuous development of its gas business through focusing on market expansion in Tianjin Binhai New Area, accelerating the integration and optimization of other cities' resources and further improving its management system. Through the joint effort of its management and staff, the Group has achieved rapid growth of business for the fourth consecutive year. For the reporting period, the Group recorded revenue of HK$1.206 billion (same period in 2011: HK$1.207 billion), substantially similar to that for the same period in previous year. The Group's gross profit amounted to HK$232 million (same period in 2011: HK$155 million), representing an increase of 49% from the same period in last year. Profit for the period was HK$92.47 million (same period in 2011: HK$69.73 million), indicating a growth of 33% over the same period in previous year. The Group optimizes the revenue structure continuously, the gross profit margin for the Group was 19% (same period in 2011: 13%). The total assets and current assets were HK$3.22 billion and HK$1.35 billion respectively.
During the reporting period, the Group created a series of good conditions for its further rapid development including, basically completed the layout of main pipeline network in our key business region, Tianjin Binhai New Area; and the newly constructed gas pipeline network in other business area outside of Tianjin Binhai New Area amounted to approximately 300 kilometers. In addition to a stable growth of gas consumption by Tianjin Pipe Group Corporation ("Tianjin Pipe"), Tianjin Eco-City Energy Investment Construction Company Limited ("Tianjin Eco-City") and some other important customers, the Company has also started providing gas for Tang Shan Lan Xin Glass Corporation Limited from June 2012, symbolizing a new progress of our market expansion. Furthermore, on October 2012, the Group successfully issued RMB 500 million bonds in Hong Kong at a reasonable price, providing sufficient funding for the Group's future development.
Connection Services
The Group constructs gas pipelines for its clients and connects their pipelines to the Group's main gas pipeline networks, and charges connection service fees from industrial and commercial customers, property developers and property management agents. As at 31 December 2012, the Group's total gas pipeline network was approximately 1,489 kilometers, representing an increase of 337 kilometers of the pipeline network from 1,152 kilometers as at 31 March 2012. During the nine months ended 31 December 2012, the connection service revenue amounted to approximately HK$275 million, representing an increase of 38% compared to HK$199 million for the nine months ended 31 December 2011.
Piped Gas Sales
During the nine months ended 31 December 2012, consumption of piped gas by residential and industrial customers amounted to approximately 1,234x106 and 7,461x106 mega-joules respectively. For the period, the piped gas sales income of the Group amounted to HK$745 million, representing an increase of 17% compared to HK$637 million for the nine months ended 31 December 2011, which rose to approximately 62% of the total revenue.
Prospects
2012 is the second year of the implementation of China's "Twelfth Five-year Plan". The continuous economic growth, urbanization and industrialization of China's have further demand for energy. On the other hand, a new standard of ambient air quality issued by the State Council and the serious problems of China's air quality have further stimulated demand for the natural gas to maintain a good growth momentum.
The Group is fully confident of the promising growth prospects in the gas industry. The Company will also, with the existing base, reach a higher stage of development. 2013 will be a crucial year for the Group's future development. We will focus on the improvement of utilizing efficiency of corporate assets; further integrate existing corporate resources and provide key support and priority to the areas and subsidiaries with development potential and market. We will also upgrade corporate informatization level as well as to enhance the efficiency and effect of business operation through optimizing corporate management; and lastly to enhance cooperation with shareholders, investors, government departments, creditors and other stakeholders to realize a common interest of all parties. We have great confidence in constantly increasing the level of investment return and profit, and will make unremitting endeavor to become an influential gas supplier in Mainland China.
Contact:
Wonderful Sky Financial Group Limited
Abbey Zhao / Sarah Chan / Gina Zhang / Adrien Ku
Tel: (852) 2851 1038
Fax: (852) 2815 1588
Email: abbeyzhao@wsfg.hk / sarahchan@wsfg.hk /
ginazhang@wsfg.hk / adrienku@wsfg.hk
Topic: Press release summary
Source: Binhai Investment Company Limited
Sectors: Gas & Oil, Daily Finance, Energy, Alternatives, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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